Former FSA MD Jon Pain joins KPMG

Pain, who announced he was resigning from his role with the regulator last July, will join the firm as a partner in July this year, after a period of gardening leave from the FSA. Pain left the regulator in January.

He will work alongside Giles Williams, who leads KMPG’s centre of excellence in Europe, which is one of three centres that gather information on regulatory developments in financial services.

Prior to joining the FSA, Pain was at Lloyds Banking Group for over 25 years where he held managing director positions for private banking, general insurance and Cheltenham & Gloucester at different times during his employment there.

KPMG UK head of financial services Bill Michael says: “As a senior figure at the FSA who has been deeply involved with major regulatory changes and innovations, and through his various industry roles including MD of Cheltenham & Gloucester, he has acquired a truly extensive knowledge of the financial services regulatory landscape – from both sides of the fence. “

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24th May 201912:17 pm

Comments

There are 12 comments at the moment, we would love to hear your opinion too.

Jon was one of the good guys at the FSA. He brought a good deal of pragmatism to the regulator as he was not an ‘out and out’ regulator by nature; but had a good commercial background. He was well liked by those under his management and it was obvious that, under CEO Hector Sants, and the new direction of UK regulation, that he would leave the FSA. Good luck in the new role…..which will probably pay better, too!

I seem to recall that in the past the FSA had a rule called (I think) better than best advice, whereby if there was a connection for example Positive Solutions and Aegon or Skandia and Bankhall then those respective products were prohibited from sale by those Network members in order to stop and possible bias.

Is it not unhealthy for a former FSA official, presumably with “insider knowledge” to the leave the regulator and take with him that former knowledge? It strikes me that there is a strong case here for a restrictive covenant applied to former regulators on future employment within the industry for a reasonable timescale.

We all know Jon had a disasterous record at the FSA but he didn’t do a great job at C&G by supporting the implementation of The Indian Call Centre. Apparently Lloyds weren’t displeased when he left them for C&G either.
He certainly hasn’t been hired for his talent!!!

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